Experts in Transfer of Equity transactions
When a marriage or co-habitation ends, the title to any property that has been co-owned may need to be altered to reflect the change in circumstances. The property may be sold and the proceeds divided between the individuals concerned. Alternatively, if one party decides to sell their interest to the other, then a Transfer of Equity occurs.
Appointing an experienced solicitor, such as mosshaselhurst, on a fixed conveyancing fee for a Transfer of Equity enables you to identify any liabilities in advance and budget accordingly.
If the property is mortgaged, the person taking on the mortgage needs to contact the lender to re-arrange the finances. Proposed changes will need the lender's approval and the ability to pay the mortgage must be demonstrated. In some cases, people take this opportunity to secure a new mortgage with a different lender.
If the property was recently purchased, there may be little or no equity which means that the exiting owner receives no payment (but can still be released from the mortgage commitment).
The property can be transferred in exchange for a payment or, alternatively, it may be an outright gift, involving no financial transactions.
In some cases stamp duty can be due on a Transfer of Equity. It is important to check the position early on to ensure there are no surprises.
Our dedicated team has handled numerous Transfer of Equity transactions on behalf of our clients and we strive to provide a professional, efficient, quick and cost-effective service.
Why not find out more? Please contact us for details of our services and conveyancing fees.
